{"id":23697,"date":"2025-12-08T08:08:17","date_gmt":"2025-12-08T08:08:17","guid":{"rendered":"https:\/\/investx.fr\/en\/?p=23697"},"modified":"2025-12-08T08:08:18","modified_gmt":"2025-12-08T08:08:18","slug":"exploring-ethereums-drop-from-4900-3000-dollars-unpacking-tom-lee-purchases","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/exploring-ethereums-drop-from-4900-3000-dollars-unpacking-tom-lee-purchases\/","title":{"rendered":"Exploring Ethereum &#8216;s drop from $4900 to $3000: Unpacking Tom Lee&#8217;s purchases"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"ethereum-caught-between-two-fires\">Ethereum Caught Between Two Fires<\/h2>\n\n\n\n<p>This morning, <a href=\"https:\/\/investx.fr\/en\/learn\/blockchain\/ethereum\/\">Ethereum<\/a> (ETH) is trading at <strong>$3,068<\/strong> \u2014 which is <strong>37% below<\/strong> its peak of <strong>$4,922 in mid-August<\/strong> \u2014 even as we may be witnessing the most aggressive institutional accumulation campaign ever seen on this network.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Tom Lee&#39;s <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> call:<br><br>Short-term: dump to $2.5k<br>Long-term: 3-4x rally to $7k-$9k by January<br><br>At this time he&#39;s holding $9.85B worth of ETH with -$3B loss in uPnL<br><br>Genius or lunatic? <a href=\"https:\/\/t.co\/I20Kw59vPc\">https:\/\/t.co\/I20Kw59vPc<\/a> <a href=\"https:\/\/t.co\/pnkrMkz21A\">pic.twitter.com\/pnkrMkz21A<\/a><\/p>&mdash; Leshka.eth \u26e9 (@leshka_eth) <a href=\"https:\/\/twitter.com\/leshka_eth\/status\/1993466309666132237?ref_src=twsrc%5Etfw\">November 25, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BitMine Immersion Technologies (NASDAQ: BMNR), the publicly traded company chaired by <strong>Tom Lee<\/strong> (Fundstrat), now holds <strong>3.73 million ETH<\/strong>, worth approximately <strong>$11.4 billion<\/strong>. This represents <strong>3.1% of the total circulating supply<\/strong> \u2014 a proportionally larger position than MicroStrategy&#8217;s Bitcoin holdings.<\/p>\n\n\n\n<p>And yet, the price continues to fall. Here&#8217;s why this time, the playbook isn&#8217;t repeating itself.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"the-q3-playbook-that-worked-perfectly\">The Q3 Playbook That Worked Perfectly<\/h2>\n\n\n\n<p>July to September 2025: BitMine added <strong>2.44 million ETH<\/strong> (+1,495% treasury increase) while ETH surged +66.8% to $4,922. The pattern was crystal clear:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Every large on-chain purchase was followed by an immediate pump.<\/li>\n\n\n\n<li>BMNR stock climbed <strong>45%<\/strong> over the quarter.<\/li>\n\n\n\n<li>Digital Asset Treasuries (DATs) were THE dominant narrative.<\/li>\n<\/ul>\n\n\n\n<p>It was the 2025 version of the 2021 MicroStrategy playbook, and it worked flawlessly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"what-changed-in-q4-three-insurmountable-walls\">What Changed in Q4: Three Insurmountable Walls<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Cascading Liquidations Greater Than Voluntary Buying<\/strong><br>From December 5th to 7th, over <strong>$1.2 billion in ETH long positions<\/strong> were liquidated (CoinGlass). When hundreds of thousands of over-leveraged traders sell simultaneously, even $500 million injected by BitMine over 72 hours means nothing. It&#8217;s pure market physics.<\/li>\n\n\n\n<li><strong>Quantitative Tightening<\/strong><br>Tom Lee himself acknowledged this last week: since the collapse of several market makers in late October, the crypto market has been experiencing its own monetary tightening. Less overall liquidity means large purchases absorb forced selling less effectively. Result: the 900,000 ETH added in Q4 (+33%) had virtually no price impact.<\/li>\n\n\n\n<li><strong>Hostile Macro Environment and Increased Competition<\/strong>\n<ul class=\"wp-block-list\">\n<li>FOMC meeting Wednesday: real risk of a pause in the rate-cutting cycle.<\/li>\n\n\n\n<li>Japanese yen strengthening = unwinding of crypto carry trades.<\/li>\n\n\n\n<li>Spot Ethereum ETFs: net outflows this week (unlike Bitcoin ETFs).<\/li>\n\n\n\n<li>Stablecoins: $6 trillion in volume transferred in 2025, but the majority now bypass ETH fees thanks to L2s and competing chains.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"the-number-that-hurts-for-ethereum\">The Number That Hurts for Ethereum<\/h2>\n\n\n\n<p>For now, BitMine&#8217;s average purchase cost since October is around <strong>$3,250<\/strong>. This puts them at a current unrealized loss on their entire treasury of <strong>$2.1 billion<\/strong> in less than three months.<\/p>\n\n\n\n<p>The major technical support level sits at <strong>$2,620 to $2,800<\/strong>. Below that, we enter a zone where even corporate treasuries begin to doubt.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Tom Lee says <a href=\"https:\/\/twitter.com\/hashtag\/ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#ethereum<\/a> is going to $62,000 within a few months <a href=\"https:\/\/t.co\/2QY9LXsOQH\">pic.twitter.com\/2QY9LXsOQH<\/a><\/p>&mdash; Altcoin Daily (@AltcoinDaily) <a href=\"https:\/\/twitter.com\/AltcoinDaily\/status\/1996721285750010012?ref_src=twsrc%5Etfw\">December 4, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Despite all this, Tom Lee maintains his long-term target of <strong>$12,000 to $62,000<\/strong> and continues buying, but the market is sending him a clear message: today, a single large buyer is no longer enough to reverse the trend when the overall liquidity structure is broken.<\/p>\n\n\n\n<p>In conclusion, BitMine hasn&#8217;t lost its conviction \u2014 the market has lost its ability to absorb buying pressure like before.<\/p>\n\n\n\n<p>Buy your ETH and stake it simply in the best wallet on the market. Take advantage of our offer ending soon: <strong>50% off or $90 in BTC offered for purchasing a <a href=\"https:\/\/investx.fr\/visiter-ledger\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Ledger<\/a> here:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a class=\"https:\/\/investx.fr\/visiter-ledger\" href=\"https:\/\/investx.fr\/visiter-ledger\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"744\" height=\"418\" src=\"https:\/\/investx.fr\/en\/wp-content\/uploads\/sites\/5\/2025\/12\/image-56.png\" alt=\"Collection of Ledger keys on black background for Black Friday special offer\" class=\"wp-image-23702\" srcset=\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2025\/12\/image-56.png 744w, https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2025\/12\/image-56-300x169.png 300w\" sizes=\"(max-width: 744px) 100vw, 744px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Related Content:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/trump-jr-tweet-sends-bonk-franklin-memecoin-surging-worth-buying\/\">Trump Jr.\u2019s tweet sends BONK and Franklin memecoin surging: Is it worth buying?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/gondor-unlocking-x2-betting-potential-polymarket\/\">Gondor: Unlocking x2 betting potential on Polymarket<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/crypto-pin-tier-list-top-20-projects-for-massive-gains\/\">Crypto PIN tier list: Top 20 projects for massive gains<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum price plummeted from $4,900 to $3,000, with BitMine allegedly central to this sharp decline. Is this significant volatility a sign of market manipulation or a strategic accumulation opportunity? The coming weeks may reshape the ETH trajectory.<\/p>\n","protected":false},"author":32,"featured_media":23695,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","faq_titre":"","questions_frequentes":"","custom_permalink":""},"categories":[14,10],"tags":[],"class_list":["post-23697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","category-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why did Ethereum drop despite Tom Lee&#039;s purchases?<\/title>\n<meta name=\"description\" content=\"Discover why BitMine&#039;s Ethereum strategy couldn&#039;t prevent the ETH crash. 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Je suis \u00e9galement form\u00e9 au trading et \u00e0 l\u2019analyse technique depuis plus d\u2019un an sur le march\u00e9 des cryptomonnaies, mais \u00e9galement sur le forex et les m\u00e9taux pr\u00e9cieux comme l\u2019or ou le silver. J\u2019ai obtenu un dipl\u00f4me de la Crypto Academy sur les fondamentaux techniques du Bitcoin et poss\u00e8de une exp\u00e9rience de plus de 5 ans dans le journalisme et l\u2019\u00e9criture d\u2019articles p\u00e9dagogiques. J\u2019ai notamment \u00e9crit de nombreuses masterclass pour \u00e9duquer les nouveaux venus dans l'industrie et plus de 10 000 articles et news.J\u2019ai \u00e9galement pu interviewer de nombreux fondateurs et cr\u00e9ateurs de projets dans la crypto comme Marc Lebreton (chef marketing de la blockchain SUI), EJ Ayala (Coinbase US et Draftkings), et d\u2019autres projets comme Polyhedra (Eric Vreeland), Usual (Adli Takkal Bataille), ou encore Humanity Protocol (Jade Gu). J\u2019ai plong\u00e9 dans la cryptomonnaie il y a plus de 3 ans et continue de mettre tout en \u0153uvre pour fournir du contenu de qualit\u00e9, avec de l\u2019expertise et la neutralit\u00e9 attendue d\u2019un journaliste. Retrouvez moi aussi sur X pour des analyses et sur Linkedin pour me contacter.","sameAs":["https:\/\/www.linkedin.com\/in\/charles-ledoux-508392239\/","https:\/\/x.com\/charl3li"],"url":"https:\/\/investx.fr\/en\/author\/charles-ledoux\/"}]}},"_links":{"self":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts\/23697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/comments?post=23697"}],"version-history":[{"count":1,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts\/23697\/revisions"}],"predecessor-version":[{"id":23703,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts\/23697\/revisions\/23703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/media\/23695"}],"wp:attachment":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/media?parent=23697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/categories?post=23697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/tags?post=23697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}